Art Group Holdings (HKG:0565) said Friday its equity position in Edgeon Data was diluted, according to a same-day bourse filing.

The company said it took an additional stake in Edgeon for HK$2.9 million to advance its data center business strategy. However, Edgeon also issued significant new equity to one of its shareholders, thereby diluting Art Group's stake.

The transactions initially increased the company's position to 24.77% from 17.90%, then reduced it to 14.67%.

Shares were down 10% in midday trading.